Shares of Nike jumped nearly 15% in early trading on Friday to a record high, after the company beat earnings expectations and announced sharply higher full-year sales forecasts. higher than expected.
The shoemaker says it expects sales to top $50 billion this year as customers around the world emerge from the pandemic. Sales in North America and China are higher, the company said.
“These are times when strong brands can get stronger,” CEO John Donahoe said in an earnings call Thursday. “Today, we are better positioned to generate long-term sustainable growth than we were before the pandemic.”
Nike was trading at $152, a 13.77% increase, as of 10:20 a.m. EDT, bringing its market capitalization to more than $240 billion.
The company reported revenue of $12.3 billion last quarter, nearly $1 billion more than analysts expected. On the earnings call, he highlighted his Jordan brand, as well as women’s business, apparel and international categories, saying sales were particularly strong. It also reported a 73% increase in direct sales through its apps and websites.
“In FY21, Jordan Brand grew 31%, propelling the business to nearly $5 billion,” Donahoe said. “Women’s activity in Jordan nearly tripled in the fourth quarter, fueled by attractive products, such as the Flight Essentials clothing collection.”
And he expressed even more optimism for the future.
“As we begin to welcome back-to-work employees to our new state-of-the-art Design and Innovation Centers, I know our pace of innovation will only accelerate as we reinvent this which is possible,” he said.
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